The Singtel Group has initiated an exercise to transfer Singtel Special Discounted Shares (SDS)1 from the CPF Board to The Central Depository (CDP) accounts of SDS holders, so that SDS holders can hold and manage their shares directly. Unlike other Singtel ordinary shares, Singtel SDS are currently held in the CDP accounts under CPF Board’s name, with CPF Board acting as the trustee.
The SDS scheme is a legacy scheme and was introduced in 1993 as part of the Government’s efforts to give Singaporeans a stake in Singapore’s economic success through share-ownership. CPF Board was appointed as trustee to facilitate Singaporeans’ share purchase as many were unfamiliar with owning shares. CPF members were offered the option to buy discounted Singtel shares using their CPF savings in two exercises conducted in 1993 and 1996.
Today, Singaporeans are more financially savvy and familiar with share-owning. The securities market is also more developed. Of the almost 615,000 SDS holders, close to three in five have individual CDP accounts2 and around one in four also own other Singtel ordinary shares.
Given that the SDS scheme has met its intent and the legacy trustee arrangement for CPF Board to support share ownership is no longer necessary, the Government will support the proposed transfer of the Singtel SDS from CPF Board to the CDP accounts of SDS holders.
The transfer will enable SDS holders who hold shares in their individual CDP accounts to consolidate all their holdings, making them easier to track and trade. As Singtel shareholders, SDS holders will also benefit, as Singtel will have greater flexibility to carry out corporate actions in a timely and cost-efficient manner. This will give Singtel more options to reward shareholders and fund growth initiatives.
The transfer of Singtel SDS is planned for 21 November 2026.
1 Singtel SDS refer to ST “A” and ST2 shares. CPF members who purchased other Singtel ordinary shares under the CPF Investment Scheme are not affected by this exercise.
2 Individual CDP accounts are accounts that are in good standing and where holders may carry out transactions such as trading and transferring securities.